The accounting tag has no wiki summary.
4
votes
1answer
300 views
How To Do Single Person LLC Accounting?
I am in a single person LLC, so I am allowed to file my taxes on my personal return and I don't have to cut myself paychecks. I would prefer to take all of the money out at the end of the year. ...
5
votes
2answers
236 views
What is the difference between a C corp and an S corp?
What is the difference between a C corp and an S corp?
I'm seeking clarity to a comment to this question which says the type of corp changes from S to C if equity is vested in a company and not a ...
4
votes
1answer
446 views
Is there any tax advantage or incentive to leave money in an LLC at the end of the tax year?
We're forming a 2 person LLC and part of what we're trying to figure out is how much to leave in the LLC to build up some capital reserves.
Since an LLC is a pass through tax entity if the LLC earns ...
1
vote
0answers
126 views
Switching from a Canadian corporation to a Canadian sole-proprietorship
I currently run a Canadian Corporation, but I'm finding taxes (both accounting fees and bookkeeping) a real pain and expense.
I would like to keep the corporation and basically find out how to file a ...
4
votes
2answers
186 views
Two startups - how to split the 'common' costs?
I'm in the process of starting up a new company, while ramping up an existing one. Are there any generally accepted ways to manage / document the splitting up of office rent, equipment, etc? In the ...
5
votes
2answers
619 views
Cloud-based accounting software [closed]
I am in the process of starting a business. The nature of the business is Photography (weddings, etc.). What would be a good accounting software solution (preferably cloud-based or SaaS)?
2
votes
2answers
1k views
How do I classify money I put into my own business for tax purposes?
S-Corp. I am currently the only shareholder. Doing taxes for my first year. How do I properly account for money I've put into the business both in my accounting system, and for tax purposes?
Is it ...
2
votes
1answer
123 views
Virtual corporations, state registration and taxation
This question seems to have been beat up on this site, but I can't find a direct answer.
If I have an internet business incorporated in Delaware that sells software online, and I personally live in ...
1
vote
6answers
400 views
Can you suggest an effective and simple accounting program? [closed]
What is a good and easy to use bookeeping software/saas ?
I have very minimal accounting knowledge other than the one I took in university....which I also got C- in.
My friends use excel but I don't ...
2
votes
3answers
4k views
Examples of Manually Entering Payroll in QuickBooks for 1 person S-Corp
First, my apoligies if I'm on the wrong board. Please point me to the right site.
I have a 1 person S-Corp in California and use Paychex for the payroll. I simply want to enter the data into ...
0
votes
1answer
87 views
Tax services for an almost non-existant corp
I founded an s-corp with a couple of friends in the early part of 2010 that hasn't shipped a product nor made a dollar yet (and likely won't ever). Unfortunately, I'm really not in the financial ...
3
votes
3answers
2k views
How do I correctly document my initial investment and any ongoing investment in my S-Corp?
I'm starting a small business and have decided to form an S-Corp. Like many, my goal in forming an S-Corp is to avoid limitless personal liability and to take advantage of the (potential) tax ...
0
votes
1answer
456 views
What happens to my p45 if I become a contractor / freelancer?
I am 22, I recently handed in my notice at my current full time work place, my notice period is almost up and I have been offered a 12 month contract to develop software for a company as a freelancer ...
13
votes
2answers
450 views
What is the single ONE book should every startup owner read about accounting?
What is the single most useful accounting book for the bootstrapped entrepreneur? It is my single largest flaw in my business education, I imagine a lot of people are in the same boat.
1
vote
1answer
842 views
Loan from directors to the company
How might you record a loan from directors to the company in the books?
From my perspective this is an investment into the company which I hope will be refunded when the company makes profits.
The ...
3
votes
2answers
375 views
Web-based bookkeeping services for small businesses?
Is there an equivalent of Google Docs but for accounting?
I am looking for a web-based accounting solution that provides the bookkeeping capabilities of Quickbooks. Multi-user support would be nice ...
4
votes
6answers
266 views
What is the best invoicing tool you have discovered? [closed]
We're running an online store of electronic devices, and we need to start creating invoices for our clients.
What is the best invoicing tool you have discovered?
2
votes
5answers
1k views
Can I have two different websites using the same PayPal account?
I have one site up that is struggling to find a MVP and getting dangerously close to running out of cash.
I have PayPal set up under that entity. However, now, I'd like to create a separate website ...
1
vote
4answers
98 views
For tax purposes what is best currency to collect?
I have a canadian company selling to a European company who's currency is GBP.
For tax purposes should I sell to them in Canadian dollars or should they pay me in pounds?
4
votes
3answers
202 views
Is an experienced accountant necessary for an s-corp formation?
I need to form an s-corp in Delaware. The corporation will be taking on angel funding as soon as it is formed.
I have retained an attorney experienced in the formation & funding processes. The ...
1
vote
3answers
1k views
Should I use online accounting software in Canada?
My part-time bookkeeper and I are currently reviewing Xero for accounting. I like the online aspect of being able to enter and view data online (my bookkeeper works from home). The cost seems ...
4
votes
2answers
1k views
Claiming Laptop as LLC expense
I don't have a separate bank account for my LLC (I am sole owner). I am planning to buy a new laptop. How do I claim it as an LLC expense, come tax time?
Related questions:
What are pros/cons of ...
5
votes
1answer
354 views
Is it possible to delay customer invoices to the next financial year so I can save tax?
I'm operating a startup in its 1st year. This year's sales from consulting services is very good but the pipeline for next financial year is very very weak.
My question is, legally, can I delay ...
5
votes
3answers
1k views
c-corp tech startup with expenses but no income - worth getting a bank account and accounting services for writeoffs?
I recently formed a c-corp and am looking for outside investment very soon.
I'm paying out of pocket for startup expenses (office lease, office equipment, software licenses, etc). I will spend about ...
9
votes
4answers
1k views
how much money do you spend on accountants - for small startups
For small startups of 3 or less owners:
How much money do you spend on accountants per year? What is a reasonable amount?
do you recommend "doing it yourself" ?
does it matter the quality of the ...
1
vote
2answers
163 views
Book keeping - accounting question
Example
You are a Service business, your customer pays you $100 for "Service X" via credit card.
You charge the customer an additional 2% of total sale for paying via Creditcard.
Hence the total the ...
1
vote
1answer
401 views
Annoying startup Tax question - I moved, company didn't
I started my LLC in Michigan in 2009, filed the required paperwork, and sent in my tax return for 2009. My company was just myself, and I worked out of my home in Michigan.
After getting married ...
0
votes
3answers
369 views
deferred sales trust (DST) — guarantee long-term capital gains on entity sale?
Can a deferred sales trust (DST) be used to effectively convert a short-term capital gains entity sale into long-term capital gains income?
For example, suppose I create a small company on 1/1/2011, ...
0
votes
2answers
368 views
example company timeline & determining capital gains basis date
Looking at a hypothetical company timeline (corporation), what is the capital gains tax to shareholders upon entity sale? (aka, how is the basis date computed)?
Start date (1st effort of ...
2
votes
1answer
76 views
new startup — basis date for cap gains on exit
I'm part of a new three-man software startup. We began product development in February, and started accruing expenses at that time by hiring contractors for help. Our company is not yet legally ...
3
votes
8answers
867 views
Accounting software for a startup in India? [closed]
I was looking into the accounting software market on the big G, and was able to find many solutions for the US market but minimal suggestions/reviews appropriate for businesses in India.
What do you ...
1
vote
3answers
1k views
Accounting software for an equipment rental business?
I'm starting an audio equipment rental shop, where I build & rent assemblies from parts and rent a package as the job requires. Assemblies & packages thereof are dynamic. Parts &/or ...
0
votes
1answer
172 views
Help on some basic accounting terms
Whats the difference (if any), between the following accountig terms:
General Ledger
Chart of Accounts
Set of books
AND
journal vs ledger
account vs journal
1
vote
1answer
71 views
looking to start a CPA practice
I have an accounting degree from New Zealand (many years ago!) but have never used it as a qualified accountant here in California just as a business consultant.
I want to get my CPA license and ...
1
vote
2answers
154 views
LLC is in CA, but I am shipping products out of different state
My LLC is in CA, but I am shipping products out of a different state, does that create
complications? Do I need to create s LLC in that other state too?
My best
Elke
3
votes
4answers
870 views
How to organize source documents and other documents required to run a business
I feel a bit embarassed asking this question - since it sounds like a kind of "how do I draw a circle?" type of question - i.e. at first blush, almost asinine.
BUT, this is a real problem I have, in ...
3
votes
4answers
450 views
Should I incorporate myself, use a high end law firm, or somewhere in the middle?
I am launching a startup (who isnt :) ) and while I am not planning on looking for outside funding, I'd like to leave the option on the table in the event that I catch a tiger by the tail (meaning ...
3
votes
4answers
281 views
What online accounting software would you recommend? [closed]
I've been using QuickBooks Online and the desktop version before that. Since I tend to work off of multiple computers (especially when I'm traveling) I need some accounting software that I can access ...
6
votes
5answers
460 views
Building an Effective “Chart of Accounts”
I am currently setting up Quickbooks for my manufacturing business. I have tons of historical data to enter. I added all my vendors and I am now at the point of creating my "Chart of Accounts." After ...
5
votes
4answers
291 views
accounting package
Can you suggest an accounting package / method / minimum MUST HAVEs when starting up. I know we have to keep track of our finance but I'm not an accountant or that way inclined. So whats the basics ...
2
votes
5answers
793 views
Project Accounting Software for an Ad Agency?
I am working with a startup ad agency that has some very large clients for some large, complex projects.
Many of their projects are subcontracted to other vendors and to crowdsourcing platforms, ...
3
votes
6answers
317 views
How do you choose the base currency for online and mostly international sales?
We are about to launch a website offering products. My "gut" feeling is that a good proportion of our customers will be based in the US. We are currently based in the UK, though that is likely to ...
1
vote
2answers
251 views
Accounting firms focused on start-ups, specially with offices in multiple US locations
If you recommend any, based on personal experience, please share some details.
11
votes
9answers
2k views
What accounting software do most software startups use?
I'm interested in learning how a software startup selects their accounting software, their chart of accounts, and when does it make sense to hire part-time bookkeeper, full-time bookkeeper, ...
16
votes
6answers
3k views
How to choose between Cash and Accrual Accounting
I just started my first business. I’m debating on whether to go with cash-basis accounting or accrual accounting. From what I’ve read it seems that cash-basis is the easier method, but accrual is more ...
2
votes
2answers
128 views
Sending money to users
I'm considering building a system that allows our users to purchase points, trade them between themselves, then cash them in for real currency.
The system will work like this:
User A buys points - ...
3
votes
3answers
808 views
Startup LLC, tax time HELP, anyone?
I registered my company as an LLC last February(2009). Since that time, I've had a lot of expenses, but no revenue because it's not quite completely up and running.
How should I file my taxes now? ...
3
votes
5answers
2k views
What set of expenditure categories would you recommend for your bookkeeping?
Boring subject, I know, but...
I am looking to set up my company's accounts shortly and would appreciate some guidance from more established business operators. I don't know if there is any standard ...
1
vote
1answer
108 views
Does anyone have experience with Quickbooks for Mac?
I just installed the latest version, but I'm experiencing what seems to be software glitches...or I just don't know what I'm doing. I can't seem to classify a payment as a debit card purchase. If I ...
2
votes
2answers
86 views
What should I ask for from an accountancy?
I would like an accountancy firm to deal with almost everything financial for my business - sorting out of tax returns, optimization of taxation. Even management of payroll.
Do accountants typically ...
